Are you a Gen Zer looking to buy your first home? Well, you’re not alone. Many young adults are eager to become homeowners but face challenges due to affordability issues. At Extreme Investor Network, we understand the importance of making informed decisions when it comes to purchasing a home, especially a fixer-upper.
According to a recent report, about one in five Gen Zers view a lack of affordable starter homes as a barrier to homeownership. As a result, more and more young buyers are considering fixer-upper homes as a viable option. These are existing houses that require varying degrees of maintenance work and are typically offered at a lower purchase price.
While purchasing a fixer-upper can lead to short-term savings, it’s essential to consider the potential renovation costs and the home’s functionality. Marine Sargsyan, a staff economist at Houzz, emphasizes the importance of ensuring that the home is safe and livable to avoid any health and safety issues.
At Extreme Investor Network, we want to help you make smart choices when it comes to buying a fixer-upper. Here are five things to watch for in a fixer-upper house:
1. Roof: Check for any signs of a leaky roof, as repairs can be significant and costly.
2. Plumbing: Inspect the condition of the home’s pipes and plumbing, especially if they are old and prone to breaking.
3. Electricity: Ensure that the home’s wiring is in good condition and has been updated recently to avoid electrical issues.
4. Walls and stairs: Look for cracks in walls and ceilings, uneven floors, and safe stairs to walk on.
5. Overall land: Understand the surrounding land of the house to anticipate any potential problems like flooding or subsidence.
By being diligent and thorough in your research and inspections, you can make a well-informed decision when buying a fixer-upper home. At Extreme Investor Network, we provide valuable insights and tips to help you navigate the process of purchasing a home that meets your needs and budget. Stay tuned for more expert advice and resources on personal finance and real estate investment on our website.